American Axle & Manufacturing Holding (Ticker: AXL)

Bought ~2% position in American Axle & Manufacturing Holding, ticker AXL, at $9.63.

Bought AXL for reasons including: largest customer (General Motors - 78% in 2009) planning significant advertising campaign to boost growth into its IPO, management expects to double sales by 2013, investing in high growth markets like South America and Asia, $1 billion of backlog, expanding into passenger cars (historically focused on trucks), increasingly diversifying its revenue from primarily General Motors, financial leverage has improved with no major debt maturing until 2013 and thus financially more stable, AXL trading around 7x C2011 EPS estimates.

Worries include cost pressures from rising commodity costs, competitive pressures within GM, GM costs cutting affecting company, management execution into new markets, union pressures once profits improve, and an economic slowdown.